What are Closing Costs?
"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the costs result from getting your mortgage. At Sky Apply Mortgage, Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We answer buyers' questions about these costs every day at Sky Apply Mortgage, Inc, so don't hesitate to contact us if you have questions.
Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Sky Apply Mortgage, Inc can help you understand closing costs. Call us at 8132007931.